Despite the fact the clearly DE was hell bent on selling the club while taking back as much money he has invested as he could, I still think we had a really decent budget this year. The hint for this is the fact that we wouldn't activate Ricardinho's contract extension on current terms. Also although we lost Lundstram and Johnson (we had a selling policy do it was always likely one would go) we still had the basis of a decent team left over from MApp. Ok so the money was not reinvested but there obviously was better replacements out there to what we ended up with.
The sad fact was Pep was an awful manager and should be right up there with (Kemp, Talbot, Rix, Wright, etc). He may have faced challenges but he did inherrit the core of a decent team, had a good budget, and did not have to work for Kassam. The sad fact is he blew the budget on awful players, then managed to demotivate the existing talent at the club. He left behind an utter mess.